AS Economics Ch1, 2

ceteris paribus

• all things being equal; assumption that all other variables is kept constant/no change

• money you have left to spend after paying taxes and bills

• based on scientific testing

• a thing that is produced to be sold

• an idea that is suggested as an explanation, but has not been proven

disposable income

• all things being equal; assumption that all other variables is kept constant/no change

• money you have left to spend after paying taxes and bills

• based on scientific testing

• a thing that is produced to be sold

• an idea that is suggested as an explanation, but has not been proven

empirical

• all things being equal; assumption that all other variables is kept constant/no change

• money you have left to spend after paying taxes and bills

• based on scientific testing

• a thing that is produced to be sold

• an idea that is suggested as an explanation, but has not been proven

good

• all things being equal; assumption that all other variables is kept constant/no change

• money you have left to spend after paying taxes and bills

• based on scientific testing

• a thing that is produced to be sold

• an idea that is suggested as an explanation, but has not been proven

hypothesis

• all things being equal; assumption that all other variables is kept constant/no change

• money you have left to spend after paying taxes and bills

• based on scientific testing

• a thing that is produced to be sold

• an idea that is suggested as an explanation, but has not been proven

inequality

• an unfair situation which some groups have more money and power

• a theory or model that has been verified by empirical evidence

• study and presentation of policy involving judgements about how resources are allocated

• statements can't be supported or refuted

• scientific study of allocation of resources

law

• an unfair situation which some groups have more money and power

• a theory or model that has been verified by empirical evidence

• study and presentation of policy involving judgements about how resources are allocated

• statements can't be supported or refuted

• scientific study of allocation of resources

normative economics

• an unfair situation which some groups have more money and power

• a theory or model that has been verified by empirical evidence

• study and presentation of policy involving judgements about how resources are allocated

• statements can't be supported or refuted

• scientific study of allocation of resources

positive economics

• an unfair situation which some groups have more money and power

• a theory or model that has been verified by empirical evidence

• study and presentation of policy involving judgements about how resources are allocated

• statements can't be supported or refuted

• scientific study of allocation of resources

normative statements

• an unfair situation which some groups have more money and power

• a theory or model that has been verified by empirical evidence

• study and presentation of policy involving judgements about how resources are allocated

• statements can't be supported or refuted

• scientific study of allocation of resources